Many FIs are looking to SMB lending as a source of growth, but at the same time mindful of credit risk that can increase if the loans are made with hasty underwriting. Sageworks, a financial information company that offers portfolio risk software, was just awarded the Innovation Award for Business Lending due to the company's headway into automating SMB lending processes while offering to benchmark, global cash flow analysis and other functionalities that allow FIs to quickly and accurately measure credit risk.
“While we have seen tremendous innovation in the field of consumer lending, unfortunately, the category of business lending hasn’t traditionally experienced that same level of innovation,” said James Johnson, Managing Director, FinTech Breakthrough. “We were thrilled to see leading companies such as Sageworks take on this challenge in delivering a high-level of innovation in business lending, and we congratulate Sageworks on standing out from the pack to earn a well-deserved 2018 FinTech Breakthrough Award.”
The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2018 FinTech Breakthrough Awards program attracted more than 3,000 nominations from across the globe.